ETH Weekly Report | DCG has sold 1/4 of ETHE shares at half price; the Ethereum test network successfully simulated ETH pledge withdrawal for the first time (2.6-2.12)

1. Overall overview

1. Overall overview

The Ethereum zhejiang test network activated the Shanghai upgrade at 15:00 UTC (23:00 Beijing time) epoch 1350, successfully simulating the withdrawal of pledged ETH for the first time. On the zhejiang testnet, partial and full withdrawals, as well as BLS changes, are included in the execution load, said Barnabas Busa, a DevOps engineer at the Ethereum Foundation. We have a successful fork. The next testnet upgrade will be in Sepolia sometime next week, followed by Goerli.

Second, the secondary market

Second, the secondary market

1. Spot market

According to OKX market data, the price of ETH once fell to $1,490 last week, and closed at $1,536 during the week, a month-on-month decrease of 6.9%.

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The daily chart shows that the price is currently consolidating around $1,500. In the short term, the price may continue to test $1,500 downward. If the support is valid, it is expected to continue to hit $1,550. The upper resistance is $1,600.

2. Network operation

etherchain.org3. Large transaction

3. Large transaction

OKlink dataOKlink data

 4. Rich list address

OKlink data3. Ecology and technology

3. Ecology and technology

1. Technological progress

1. Technological progress

(1) The Ethereum testnet successfully simulated ETH pledge withdrawal for the first time

The Ethereum zhejiang test network activated the Shanghai upgrade at 15:00 UTC (23:00 Beijing time) epoch 1350, successfully simulating the withdrawal of pledged ETH for the first time. On the zhejiang testnet, partial and full withdrawals, as well as BLS changes, are included in the execution load, said Barnabas Busa, a DevOps engineer at the Ethereum Foundation. We have a successful fork. The next testnet upgrade will be in Sepolia sometime next week, followed by Goerli. Earlier news, Ethereum core developers: plan to activate the Shanghai upgrade on the Zhejiang testnet on February 7. (CoinDesk)

(2) Ethereum Foundation: The upcoming Shapella upgrade to support withdrawals, the public testnet Sepolia is scheduled to be upgraded on February 28

On February 7th, the first public test network zhejiang of the Shanghai upgrade has successfully activated the Shanghai upgrade after reaching the predetermined height. Previously, the developer stated that after the upgrade of the Sepolia test network, it plans to release the Shanghai upgrade on the Ethereum Goerli test network at the end of February or early March. After the transition is successful, it will switch to the main network.

2. Voice of the Community

2. Voice of the Community

Joe Lubin, co-founder of Ethereum and founder of ConsenSys, said that it is impossible for Ethereum to be classified as a security in the United States, "I think it has the same impact as Uber being defined as illegal. Not only crypto The currency community, but also different politicians and certain regulators would protest strongly.” Lubin added that he was aware of discussions with the SEC and CFTC “over the years.” (Cointelegraph)

3. Project trends

3. Project trends

(1) Arbitrum development team Offchain Labs will launch Stylus, a programming environment whose performance exceeds EVM

Arbitrum development team Offchain Labs announced that it will launch Stylus, a next-generation programming environment for Arbitrum One and Arbitrum Nova later this year. Stylus allows users to use their favorite programming languages ​​​​(including Rust, C and C++) to deploy through WebAssembly smart contract functions. application to run with the EVM program on Arbitrum. Stylus is an order of magnitude faster, lowers fees, and is fully interoperable with the Ethereum Virtual Machine (EVM). Offchain Labs calls Stylus EVM+, and Stylus will not replace EVM.

(2) The Compound community initiates a proposal to initialize the ENS subdomain for Comet market deployment

The Compound community initiated a proposal to initialize the ENS subdomain for the deployment of the Comet market, aiming to preserve all on-chain ENS text records approved by the community for deployment. Voting is expected to start in 1 day and 17 hours.
This proposal proposes the creation of a new "v3-additional-grants" ENS subdomain for compound-community-licenses.eth, with a time lock, to store text records, including future proposals to launch a new Compound III (Comet) marketplace .

There are currently 2 separate deployments of the Compound III (Comet) marketplace on Ethereum mainnet (cUSDC v3 and cWETH v3), with a third coming soon on Polygon.

(3) The Aave community initiated a vote on the proposal of "introducing sfrxETH into the Aave V3 Ethereum market"

The Aave community initiated a vote on the proposal of "introducing sfrxETH into the Aave V3 Ethereum market", and the deadline is 19:00 on February 14th.
It is understood that frxETH is a liquid pledge token provided by Frax Finance, a mixed-algorithm stablecoin protocol, for users who pledge Ethereum. Users can pledge frxETH to sfrxETH again to obtain Ethereum pledge income without holding 32 ETH and running Node infrastructure.
The proposal points out that considering that sfrxETH will accumulate pledge rewards in addition to the basic ETH value, it is a kind of collateral that can be held for a long time, and the counterparty risk is relatively low, Aave can provide users with sfrxETH lending services.

Therefore, the Aave community tries to introduce sfrxETH into the Aave V3 market as a strategic reserve asset to provide Aave with an additional source of income, promote ecosystem diversity and liquidity, and enhance the decentralization of Ethereum.

(4) Alchemix Finance DAO approves proposals related to the ALCX token repurchase plan

The DAO behind crypto lending protocol Alchemix Finance on Monday approved a proposal to divert some of the cash supporting its Treasury and Yield Farming activities into its native ALCX token buyback program.

The proposal seeks to support alAssets by instructing Alchemix to spend a third of its Yield Farming revenue on the purchase of ALCX tokens. The new model should generate enough revenue "to cover all expenses and leave the Treasury with a modest surplus." Alchemix Finance Treasury currently has $1 million in stablecoins and $2 million in Ethereum, burning up to $1.2 million per year. “It turns our largest expense into the protocol’s primary source of revenue,” the proposal says. (CoinDesk)

(5) Lido will distribute LDO rewards in the Aave V3 liquidity pool on Ethereum, Arbitrum and Optimism

According to a proposal passed by the Aave community, Lido will distribute LDO rewards across the Aave V3 liquidity pools on Ethereum, Arbitrum, and Optimism. The Lido Liquidity Mining Committee (LMC) decides on the release rate and duration of LDO rewards. Last year, Lido said it would reward stETH liquidity providers on Arbitrum and Optimism with a cumulative 150,000 LDO tokens.

(6) OpenSea launched a project aggregation service based on the Seaport protocol

OpenSea announced the launch of a project aggregation service based on the open source NFT protocol Seaport. OpenSea launches an experimental program to aggregate NFT marketplaces and projects based on the Seaport protocol. The first participating projects include Ens.vision, an ethereum naming service batch processing tool, Sansa, a generative art NFT marketplace, and Sound.xyz, a music NFT project.

In addition, Dune data shows that the current total transaction volume of Open Seaport’s Ethereum chain is $3,021,003,773, and the total transaction volume of Polygon chain is $68,493,541.

(7) After the release of zkSync 2.0, security measures such as limiting the daily withdrawal amount will be taken

According to the official Twitter, zkSync, the second-tier network of Ethereum based on ZK Rollup, said that zkSync has invested at least $3.5 million in auditing and bug bounty, but considering that there is no absolute security, zkSync 2.0 will take other security measures after the release , including: restricting the flow of early funds, ensuring that developers have enough ETH for contract deployment and testing transactions, minimizing the risk of the system losing a large amount of value in the early stage; taking "speed bump" measures to limit withdrawals to daily TVL 10% to limit the consequences of any security breach; use OpenZeppelin to automatically monitor early warnings to deal with critical situations, etc.

(8) The Aave stablecoin GHO has been deployed to the Ethereum Goerli testnet

Aave officially announced that its stablecoin GHO has now been deployed to the Ethereum Goerli testnet. Starting today, GHO developers and potential adopters will have access to the stablecoin’s codebase and test how it works, but GHO’s mainnet launch still requires community discussion and approval.

(9) Uniswap DAO voted to deploy Uniswap V3 proposal on BNB Chain

The Uniswap DAO has finalized the vote that will be used to implement the proposed deployment of Uniswap v3 on the BNB chain. According to the Tally voting page, voting closed on Friday, with 66% of DAO delegates backing the move. Major-voting delegates, including ethereum software firm ConsenSys and Compound Finance founder Robert Leshner, voted in favor of the proposal. Meanwhile, venture capital giant Andreessen Horowitz voted against the proposal, casting 15 million votes.

(10) SushiSwap acquires Cosmos ecological derivatives trading agreement Vortex Protocol

Vortex Protocol is a yet-to-be-launched decentralized derivatives exchange that aims to offer users 10x margin trading on a variety of assets. Both Sei Network and SushiSwap’s newly acquired Vortex Protocol will be launched on the mainnet in the second quarter of 2023. The move also means that SushiSwap will be one of the first Ethereum applications to migrate to the Cosmos ecosystem. (Decrypt)

4. Borrowing

DeFiLlamaThe data shows that the value of collateral locked on-chain fell from $29 billion to $27.88 billion last week, a 3.8% drop for the week. Specifically, the amount of ETH mortgages rose from 17.4 million to 18.4 million last week, an increase of 5.7%. From the perspective of individual projects, the top three lock-up values ​​are: Lido 7.85 billion US dollars; MakerDAO 7.07 billion US dollars; Curve 4.44 billion US dollars.

4. News

4. News

(1) Visa is testing the USDC large-value payment settlement system on Ethereum

Cuy Sheffield, head of the encryption department of payment giant Visa, said at StarkWare Sessions 2023 that the company has been testing how to actually accept USDC settlement payments initiated by issuers on Ethereum and make payments in USDC on Ethereum, both in large amounts. Settle payment.

It is reported that Visa has been exploring how to incorporate blockchain technology into its existing network to transfer funds faster, but it is still settlement on the Society for Worldwide Interbank Financial Telecommunication or SWIFT system, but the above-mentioned system cannot meet Visa's settlement needs .

(2) DCG has sold about a quarter of Grayscale’s Ethereum Trust at half price to raise $22 million

According to a US SEC filing, Digital Currency Group (DCG) began selling some of its shares in the Grayscale Encryption Trust Fund at a discount to raise funds to repay Genesis creditors. The document shows that since January 24, DCG has raised as much as $22 million by selling mainly a quarter of the Ethereum Trust Fund shares, selling for about $8 per share, well below the market price of $16 per share. Additionally, DCG has also begun selling its holdings in the Grayscale Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust and Digital Large Cap Fund. (Financial Times)

(3) Data: Ethereum whales have accumulated 8.7 trillion SHIB in the past week, worth about 128 million US dollars

Over the past week, the top SHIB whales on Ethereum have amassed approximately $128 million worth of Shiba Inu (SHIB), making it the #1 non-ETH asset on the Ethereum whale holdings list.

According to WhaleStats data, since February 1, the top 100 Ethereum investors have added a large number of SHIBs. The value of their holdings has jumped from about $599 million to about $729 million, and the number of SHIBs has increased by 8749145591250 pieces. This accounts for 18.5% of their portfolio, ranking second behind Ethereum, followed by stablecoins USDT (17.42%) and USDC (14.21%). As a result, SHIB is now the most-held cryptoasset (in USD equivalent terms) in these wallets after Ethereum. It is also currently the most traded coin by top whales on Ethereum. (U. Today)

(4) The Ethereum official website updates the pledge withdrawal page